Explain briefly the roles and responsibilities of 'Registrar to an issue' in an initial public offer (IPO).

The Registrars to an Issue and Share Transfer Agents constitute an important category of intermediaries in the primary market. They render very useful services in mobilising new capital and facilitating proper records of the details of the investors, so that the basis for allotment could be decided and allotment ensured as per SEBI Regulations. They also render service to the existing companies in servicing the share capital contributed by the investors. The system of share transfers gives liquidity to the investment and helps the investors to easily acquire or dispose off shares in the secondary market. The share transfer agents who have the necessary expertise, trained staff, reliable infrastructure and SEBI licence to render services to the corporates by undertaking and executing the transfer and transmission work relating to the company's shares and securities. Thus, they have a role to play both in the primary and the secondary markets.